Fiserv, Inc. (FISV) Cash Flow Statement
Where FISV’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $6.06B −8.6% vs 2024
- Capital expenditures
- $1.76B 8.3% of revenue
- Free cash flow
- $4.30B 20.3% margin
- Returned to shareholders
- $5.90B 137% of free cash flow
- Change in cash
- −$191.0M cash at year-end $2.80B
Cash from operations
$6.06B
Capital expenditures
−$1.76B
Investments (net)
+$675.0M
Acquisitions & other
−$1.43B
Share buybacks (net)
−$5.90B
Net borrowing (repayment)
+$2.18B
Shares issued
+$62.0M
Other financing
−$174.0M
Currency & other
+$99.0M
Change in cash
−$191.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
FISV operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
FISV cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.43B2016 | $6.06B2025 | +17.4%/yr | |
| Capital expenditures | $290.0M2016 | $1.76B2025 | +22.2%/yr | |
| Free cash flow | $1.14B2016 | $4.30B2025 | +15.9%/yr | |
| Free cash flow margin | 20.7%2016 | 20.3%2025 | −0.4 pts | |
| Operating cash flow / net income | 1.542016 | 1.742025 | +0.20 | |
| Stock-based compensation | $68.0M2016 | $357.0M2025 | +20.2%/yr | |
| Share buybacks (net) | $1.25B2016 | $5.90B2025 | +18.9%/yr | |
| Capex / revenue | 5.3%2016 | 8.3%2025 | +3.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FISV cash flow by activity
OperatingInvestingFinancingChange in cash
FISV net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
FISV cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.49B | $3.18B | $3.07B | $2.58B | $1.40B | $975.0M | $914.0M | $1.19B | $1.23B | $930.0M |
| Depreciation & amortization | $3.16B | $3.10B | $3.12B | $3.17B | $3.20B | $3.21B | $1.65B | $556.0M | $433.0M | $411.0M |
| Stock-based compensation | $357.0M | $367.0M | $342.0M | $323.0M | $239.0M | $369.0M | $229.0M | $73.0M | $63.0M | $68.0M |
| Change in working capital | −$9.0M | −$338.0M | −$912.0M | −$744.0M | −$495.0M | −$211.0M | $36.0M | −$169.0M | −$15.0M | $33.0M |
| Other non-cash items | −$937.0M | $327.0M | −$457.0M | −$712.0M | −$309.0M | −$196.0M | $98.0M | −$95.0M | −$230.0M | −$11.0M |
| Cash from operating activities | $6.06B | $6.63B | $5.16B | $4.62B | $4.03B | $4.15B | $2.93B | $1.55B | $1.48B | $1.43B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.76B | −$1.57B | −$1.39B | −$1.48B | −$1.16B | −$900.0M | −$721.0M | −$360.0M | −$287.0M | −$290.0M |
| Investments (net) | $675.0M | −$2.40B | −$1.07B | −$2.11B | −$1.63B | — | — | — | — | — |
| Acquisitions & other investing | −$1.43B | $1.57B | $1.39B | $1.48B | $1.16B | $559.0M | −$15.88B | −$303.0M | −$370.0M | −$264.0M |
| Cash from investing activities | −$2.52B | −$2.40B | −$1.07B | −$2.11B | −$1.63B | −$341.0M | −$16.60B | −$663.0M | −$657.0M | −$554.0M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | −$5.90B | −$5.84B | −$4.83B | −$2.68B | −$2.79B | −$1.83B | −$561.0M | −$1.95B | −$1.22B | −$1.25B |
| Net borrowing (repayment) | $2.18B | $1.67B | $1.10B | $146.0M | $295.0M | — | — | — | — | — |
| Shares issued | $62.0M | $97.0M | $101.0M | $149.0M | $140.0M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$174.0M | −$90.0M | −$726.0M | −$96.0M | $1.59B | −$2.01B | $14.75B | $1.10B | $403.0M | $393.0M |
| Cash from financing activities | −$3.83B | −$4.17B | −$4.36B | −$2.48B | −$761.0M | −$3.84B | $14.19B | −$842.0M | −$820.0M | −$852.0M |
| Summary | ||||||||||
| Net change in cash | −$191.0M | $30.0M | −$229.0M | −$13.0M | $1.62B | −$14.0M | $518.0M | $90.0M | $25.0M | $25.0M |
| Cash at end of period | $2.80B | $2.99B | $2.96B | $3.19B | $4.36B | $919.0M | $933.0M | $415.0M | $325.0M | $300.0M |
| Free cash flow | $4.30B | $5.06B | $3.77B | $3.14B | $2.87B | $3.25B | $2.07B | $1.19B | $1.20B | $1.14B |
| Free cash flow margin | 20.3% | 24.7% | 19.8% | 17.7% | 17.7% | 21.9% | 20.4% | 20.5% | 21.0% | 20.7% |
| Capex / revenue | 8.3% | 7.7% | 7.3% | 8.3% | 7.1% | 6.1% | 7.1% | 6.2% | 5.0% | 5.3% |
| Operating cash flow / net income | 1.74 | 2.09 | 1.68 | 1.79 | 2.88 | 4.25 | 3.20 | 1.31 | 1.20 | 1.54 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $630.0M | $573.0M | $813.0M | $799.0M | $1.03B | $848.0M | $948.0M | $564.0M | $894.0M | $735.0M | $870.0M | $969.0M |
| Depreciation & amortization | $857.0M | $819.0M | $803.0M | $788.0M | $802.0M | $768.0M | $758.0M | $798.0M | $796.0M | $774.0M | $767.0M | $769.0M |
| Stock-based compensation | $117.0M | $118.0M | $55.0M | $87.0M | $91.0M | $124.0M | $94.0M | $88.0M | $99.0M | $86.0M | $67.0M | $76.0M |
| Change in working capital | $95.0M | −$780.0M | $701.0M | $535.0M | −$134.0M | −$1.11B | $352.0M | $428.0M | −$310.0M | −$808.0M | −$45.0M | $56.0M |
| Other non-cash items | −$216.0M | −$131.0M | −$428.0M | −$404.0M | −$124.0M | $19.0M | $69.0M | $360.0M | −$138.0M | $44.0M | −$64.0M | −$311.0M |
| Cash from operating activities | $1.48B | $599.0M | $1.94B | $1.80B | $1.67B | $648.0M | $2.22B | $2.24B | $1.34B | $831.0M | $1.59B | $1.56B |
| Investing activities | ||||||||||||
| Capital expenditures | −$498.0M | −$458.0M | −$442.0M | −$507.0M | −$479.0M | −$335.0M | −$399.0M | −$402.0M | −$348.0M | −$420.0M | −$354.0M | −$355.0M |
| Investments (net) | −$6.0M | $5.0M | $267.0M | −$634.0M | −$338.0M | −$925.0M | −$664.0M | −$533.0M | — | — | — | — |
| Acquisitions & other investing | $246.0M | $252.0M | −$448.0M | $507.0M | $479.0M | $335.0M | $399.0M | $402.0M | −$462.0M | $23.0M | −$4.0M | $258.0M |
| Cash from investing activities | −$258.0M | −$201.0M | −$623.0M | −$634.0M | −$338.0M | −$925.0M | −$664.0M | −$533.0M | −$810.0M | −$397.0M | −$358.0M | −$97.0M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | −$1.10B | — | — | — | — |
| Share repurchases & issuance (net) | −$153.0M | −$240.0M | −$204.0M | −$1.05B | −$2.29B | −$2.35B | −$1.35B | −$1.26B | −$1.56B | −$1.67B | −$1.04B | −$1.19B |
| Net borrowing (repayment) | −$1.26B | −$117.0M | −$1.39B | $326.0M | $727.0M | $2.52B | −$156.0M | −$443.0M | — | — | — | — |
| Shares issued | $10.0M | $12.0M | $9.0M | $16.0M | $13.0M | $24.0M | $18.0M | $21.0M | $0 | $0 | $0 | $0 |
| Other financing | −$61.0M | −$578.0M | $289.0M | −$658.0M | −$243.0M | $438.0M | −$496.0M | $1.72B | $631.0M | $1.49B | −$283.0M | −$99.0M |
| Cash from financing activities | −$1.46B | −$923.0M | −$1.30B | −$1.37B | −$1.79B | $627.0M | −$1.98B | −$1.07B | −$925.0M | −$189.0M | −$1.32B | −$1.29B |
| Summary | ||||||||||||
| Net change in cash | −$247.0M | −$552.0M | $37.0M | −$204.0M | −$400.0M | $376.0M | −$480.0M | $671.0M | −$389.0M | $228.0M | −$42.0M | $149.0M |
| Cash at end of period | $2.00B | $2.25B | $2.80B | $2.77B | $2.97B | $3.37B | $2.99B | $3.47B | $2.80B | $3.19B | $2.96B | $3.00B |
| Free cash flow | $985.0M | $141.0M | $1.50B | $1.30B | $1.19B | $313.0M | $1.82B | $1.84B | $993.0M | $411.0M | $1.24B | $1.20B |
| Free cash flow margin | 18.6% | 2.8% | 28.4% | 24.7% | 21.5% | 6.1% | 34.7% | 35.2% | 19.4% | 8.4% | 25.2% | 24.7% |
| Capex / revenue | 9.4% | 9.1% | 8.4% | 9.6% | 8.7% | 6.5% | 7.6% | 7.7% | 6.8% | 8.6% | 7.2% | 7.3% |
| Operating cash flow / net income | 2.35 | 1.05 | 2.39 | 2.26 | 1.62 | 0.76 | 2.34 | 3.97 | 1.50 | 1.13 | 1.83 | 1.61 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
FISV cash generation
In fiscal 2025 (ended December 31, 2025), Fiserv generated $6.1 billion of cash from operations (down 8.6%) and spent $1.8 billion on capital expenditures, leaving free cash flow of $4.3 billion, 20.3% of revenue. It returned $5.9 billion to shareholders through dividends ($0) and net share buybacks ($5.9 billion). Cash and equivalents fell by $191.0 million over the year.
Related: FISV income statement, FISV balance sheet. See the FISV stock overview for the latest quote and news.
FISV cash flow FAQ
What is Fiserv's free cash flow?
Fiserv's free cash flow was $4.3 billion in fiscal 2025: $6.1 billion of operating cash flow minus $1.8 billion of capital expenditures It was $5.1 billion a year earlier..
How much cash does Fiserv generate from operations?
Fiserv generated $6.1 billion of cash from operating activities in fiscal 2025, 1.74 times its net income of $3.5 billion.
How much does Fiserv spend on capital expenditures?
Fiserv spent $1.8 billion on capital expenditures in fiscal 2025, 8.3% of revenue, compared with $1.6 billion the year before.
How much stock does Fiserv buy back?
Fiserv spent $5.9 billion on net share repurchases in fiscal 2025.